Retirement is an exciting, and sometimes daunting, transition to make after a long and fulfilling career. This webpage is a collection of resources intended to assist MSU faculty and academic staff members as they prepare for and make the transition into retirement. Colleagues from across the Michigan State University community recommended many of these resources. We invite an ongoing development of this webpage.
Table of Contents
- Personal Considerations and Preparation
- Models of Successful Retirement
- Opening the Dialogue about Retirement
- MSU Retirement Policy
- Financial Considerations
- Additional Resources
Retirement represents a major transition into a new stage of life. It involves personal considerations and preparation. The following resources may be helpful as you prepare for an enriching retirement.
Psychosocial and Emotional Aspects of Retirement: Planning for a Successful Transition
Presentation slides by John Brown, Psy.D. of the University of California, San Francisco
Managing the Transition into Retirement
Article by Betsy McCalla-Wriggins, Rowan University
MSU Human Resources Workshops: Roadmap to Retirement
Roadmap to Retirement is a half-day workshop offered several times a year. This workshop is designed for MSU faculty, academic staff, and support staff who have a plan to retire within one to two years, and covers a range of topics critical to your successful retirement.Topics include MSU benefits in retirement, an overview of Social Security, and financial preparation tips. Registration is available through EBS, "Courses for MSU Employees," then search for "Retirement." For more information, see Retirement Planning Tools and Information on the MSU Human Resources website.
The pathways toward and through retirement are often varied. Understanding the many options available to you can be useful as you consider your own retirement. By individualizing your retirement, you will take into consideration your personal situation and life circumstances, and those of your family and loved ones.
Envisioning Retirement Pathways at Michigan State University
A video recording from a 2018 event sponsored by the WorkLife Office, Academic Advancement Network, Academic Human Resources, and Faculty Grievance and Dispute Resolution Office. Faculty and academic staff learned about MSU policies and heard from their retired or retiring peers about their own personal pathways toward retirement.
Looking Ahead to a Fulfilling Retirement: Resources, Conversations, and Opportunities
A video recording from a 2018 session sponsored by the WorkLife Office, Academic Advancement Network, Academic Human Resources, and Faculty Grievance and Dispute Resolution Office. Faculty and academic staff started planning how they would frame and converse about their eventual retirements. They also learned about resources and policies on retirement.
Remaining Involved at MSU and in the Community
Retirees often want to maintain some kind of continuing relationship with their institution or their discipline. The following policy outlines some options for maintaining involvement with Michigan State University.
Working Retirement Options, a policy from the Michigan State University Faculty Handbook.
Various Approaches to Retirement from Faculty at other Research-1 Institutions
- San Jose State University Interviews with Retired Faculty
- University of California, Davis Faculty Interviews
- University of California, Los Angeles Retiree Spotlights
- University of Southern California's Emeriti Center Life After Retirement Biographies
Retirement as a Stage in the Academic Life Cycle
Article by the American Historical Association President, Jan Goldstein
Ideas for Administrators who are offering guidance for faculty: Guiding Faculty Retirement in Higher Education
Article by Deborah Yaffe, posted on University Business
Engaging with Faculty and Academic Staff on Retirement
A video recording from a 2018 event sponsored by the WorkLife Office, Academic Advancement Network, Academic Human Resources, and Faculty Grievance and Conflict Resolution Office. Academic administrators learned about MSU retirement policies, legal considerations, and best practices when initiating conversations about retirement within departments.
As you consider or transition into retirement, it's important to be well acquainted with MSU's retirement policies.
Retirement Eligibility Requirements
Financial preparation for retirement is a long-term process. Academics must make financial decisions and monitor their retirement financial standing throughout their careers. As retirement approaches, there are certain decisions that will need to be made :about reallocation and withdrawing funds.
MSU Retirement Plans (ongoing enrollment available)
- MSU Retirement Plans Enrollment Guide
- MSU Retirement Plan Comparison Chart
- Base Retirement Program
- 403(b) for regular MSU employees working at least half-time or more for at least nine continuous months.
- Supplemental Retirement Program
- Voluntary, tax-deferred 403(b)
- Deferred Compensation Plan
- 457(b) for regular MSU employees working at least half-time or more for at least nine continuous months.
One-on-One Consultations, Classes, and Workshops for MSU Employees
- Fidelity Investments Call 800-343-0860 or visit the Human Resource Retirement Vendors webpage for appointment information
- TIAA: See MSU-specific microsite or call 517-203-3610